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The Impact of the Financial Crisis on Emerging Asia

Author

Listed:
  • Morris Goldstein

    (Peterson Institute for International Economics)

  • Daniel Xie

    (Peterson Institute for International Economics)

Abstract

This paper analyzes how the global financial crisis has impacted emerging Asia and identifies key characteristics that have made these economies more or less vulnerable to a transmission of crises from the advanced economies. After reviewing how economic outcomes in emerging Asia have evolved since the crisis began in the summer of 2007, Morris Goldstein and Daniel Xie review several studies of the effect of financial stress and/or growth slowdown in advanced economies on emerging Asia. They then discuss how emerging Asia is "different" in ways that matter for the contagion of crises, with the emphasis on currency and maturity mismatches, the nature of the region's foreign trade links (product composition, the geographic pattern of trade, and the degree of net export-led growth), financial market integration with the advanced economies, and the scope for implementing countercyclical monetary and fiscal stimulus.

Suggested Citation

  • Morris Goldstein & Daniel Xie, 2009. "The Impact of the Financial Crisis on Emerging Asia," Working Paper Series WP09-11, Peterson Institute for International Economics.
    • Handle: RePEc:iie:wpaper:wp09-11
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    File URL: https://www.piie.com/publications/working-papers/impact-financial-crisis-emerging-asia
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    Keywords

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    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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